Property Fund 2013 profit soars 20 percent to EUR 153 million

Newsroom 15/01/2014 | 14:58

The Property Fund (FP) saw its net profit rise 20 percent to EUR 153 million last year against the same period of last year, boosted by the sale of its stake in state-owned Transgaz, the gas transport company.

The net asset value of FP, administered by Franklin Templeton, amounted to EUR 3.35 billion in December 2013.

The fund sold its 15 percent stake in Transgaz this December, raising RON 303 million (EUR 67 million).

More than half of the fund comprises minority holdings in energy companies, such as oil major OMV Petrom or hydropower producer Hidroelectrica.

Last year, FP shares closed with a gain of 51.7 percent, while total yield that includes dividends stood at 59.1 percent, according to business daily Ziarul Financiar.

Shares in FP fell by 0.3 percent to RON 0.8265 on late Wednesday afternoon trading on the Bucharest Stock Exchange. Its market capitalization stood RON 11.4 billion (EUR 2.52 billion).

Ovidiu Posirca

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